Advocate sees growth in Geelong bayside pocket house after paying $70K over reserve at auction
Rival buyers advocates show confidence in a popular Geelong bayside pocket’s potential for growth, paying $70K over reserve at auction.
Rival buyers advocates showed confidence that a popular bayside pocket of Geelong has plenty of value to appreciate.
The pair was among five to bid on a period house at Rippleside in an auction that ended more than $70,000 above the vendor’s reserve price.
The house at 20 Walker St sold to a young investor for $768,500.
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The buyer had engaged Melbourne advocate Cate Bakos to find a capital growth property with a mid-$700,000 budget.
“Had we gone to Melbourne, I would have been looking at townhouses. You don’t get in the inner ring of Melbourne quality period houses for this price,” Ms Bakos said.
“So we chose this because it’s a fantastic location,
“Rippleside is underdone. If we can get a quality period house, you’d get a tenant straight away, preferably three bedrooms, walking distance to the city and to the station, I’ll have nailed the brief,” Ms Bakos said.
She faced off against Geelong advocate Tony Slack, also bidding on behalf of out-of-town buyers.
They traded bids as low as $500, moving the price about $30,000 before Buxton auctioneer Jarrod Leonard ended the auction.
Mr Leonard said a lot of people bought property through buyers advocates these days.
“Obviously Cate sees it through Melbourne metro eyes and Tony sees it through local eyes, but it just goes to show good property is in a good location,” he said.
“And there is probably 10 people here that didn’t get a bid.”
Mr Leonard said he still believed Rippleside was undervalued.
It’s a tightly-held, small suburb with an $840,000 median house price. Hometrack data shows just 13 houses sold in the past year.
The sale eclipsed the price achieved last April for a neighbouring property — also a three-bedroom, single-fronted period house on a nearly identical block — by more than $120,000.
The house at 22 Walker St sold for $645,000 after more than six months and amid a downturn in the market.
“It’s a different house, but still it goes to show Rippleside holds a special place for people that really want to be here.”
Originally published as Advocate sees growth in Geelong bayside pocket house after paying $70K over reserve at auction